Categories: Business

How Market Research Can Grow Your Brand

A critical aspect of the business decision making system is market research. Market research can encompass not only consumer insight as to what people are planning to buy, but also include what their thoughts are about the products that they use or have read about.

The many ways of collecting consumer opinion
We are all aware of the critical advantages of a properly done survey by a consumer research panel. Apart from that traditional methods have also included sending out targeted emails to focussed groups and asking them about their opinions. The real success of any market research effort depends on the co-operation that is received from consumers themselves. Marketers have adopted innovative methods to ensure that their target group responds. Incentives such free gifts, free miles and even free gas has sometimes been offered in exchange for the consumer opinion.

Can market surveys impact brand growth?
The million pound question however seems to be the effectiveness of market research in generating brand growth and which methods are more likely to bring in the desired results. Some marketers feel that there is no discernible relationship between brand growth and market research. They argue that the process of understanding consumer sentiment cannot be related to the development of a brand. This is untrue. At least in the case of social media based market research this can be relationship is clear to see.

Ideally the implication of market research is twin-pronged; to understand the current market sentiments and to find out more about the saturation of the brand that is the ultimate beneficiary of the survey. Both these can be concurrently fulfilled by the same survey.

Modern technology offers several new methods of gathering consumer sentiments. One of the major avenues is social media. Social media has been a pivotal platform ensuring a fast and inexpensive way to connect with existing and prospective consumers, to listen to customers’ concerns and even promote a product. It also has massive potential when it comes to building and promoting brands.

Impact of social media survey in brand growth
Social media has helped both small and large business to come out of the often heavily criticised inefficiency of traditional media and focus more on the brand building aspects of business. True, social media as a platform is still being tested; we are yet to understand the true powers of this new platform and what it can do. However we are excited at the prospects that it is showing. Facebook, Twitter and LinkedIn are just a few of the websites which have contributed to a phenomenal rise in brand awareness and acceptability. True they are not only to do with selling products and services, they have phenomenal power over consumer consensus and can actually create strong opinions about a product / brand.

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How to utilise social media for market research and brand promotion?
Social media allows a marketer to reach out to her target demographic without having to invest a fortune in costs like in traditional marketing media. There has been general consensus in reports that have come out of studies directed at finding consumer behaviour. Overall the consensus seems to suggest that a consumer is more likely to buy a product or recommend it to others when he is a fan or a follower on a social networking website.

A marketer can create a smart marketing strategy that not only helps to generate interest but also utilises the consumers’ sentiments. Simple surveys that seek the opinion of customers about a new product idea or a consumer poll where customers are asked to list features that they want to see in a new product are increasingly common methods used by market researchers.

Social media can only ignored at the peril of a marketer. It is slowly assuming major part of any marketer’s routine and will continue to do so for the foreseeable future.

For more information please visit http://www.researchnow.com

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